Shares of Dr Reddy's Laboratories today plunged over 10 per cent following a decision made by the District Court of New Jersey with respect to further sale and commercialisation of its product in the US.
The stock slumped 9.85 per cent to end at Rs 2,089.15 on the BSE. Intra-day, it plummeted 10.61 per cent to Rs 2,071.50.
On the NSE, shares of the company tanked 10.20 per cent to close at Rs 2,083.
Led by the sharp fall in the stock, the company's market valuation dropped Rs 3,787.49 crore to Rs 34,661.51 crore.
In terms of equity volume, 3.24 lakh shares of the company were traded on the BSE and over 37 lakh shares changed hands on the NSE during the day.
Dr Reddy's Laboratories on Saturday said it will appeal the decision of the US District Court of New Jersey regarding further sale and commercialisation of its Buprenorphine and Naloxone sublingual film in America.
"The company disagrees with the court's decision, and will vigorously appeal it," Dr Reddy's said in a BSE filing.
The company intends to appeal the decision made by the US District Court of New Jersey in a preliminary injunction hearing with respect to further sale and commercialisation of its product in the US, it added.
The product is indicated for the treatment of opioid dependence.
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